Pizza Express

Even with interest rates so low - companies are collapsing because they have simply borrowed too much. Lesson - always check out company debt b4 investing


It’s interesting because they’re still making a profit so there is hope

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The loan by the current owners of £500m is something surely they can wait on, you’d expect them to restructure the deal if it needs to be done. The rest they could look at refinancing, though now everyone is going to treat them with extreme caution.

With almost half the debt being controlled by their owners I’m surprised they let this become public news and cause panic, or have a plan in place for this information being handled in a more controlled way.

Interestingly, Pizza Express uses exactly the same font and layout for its financial statements as it does for its menus.

I hope that wasn’t where the spending went :joy:


There’s a joke about buying the dip in there, but I need more coffee first


Restaurants in general have been a tough business. Cost inflation from labour and rent, low barrier of entry, low customer loyalty, hard to have a fresh menu all the time etc

Macdonald is one long term outlier winner. Hard to think of another one.

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Chains have it even tougher. Starts out with a single restaurant where they can rightly control the experience and food quality, but as it grows over multiple places that becomes difficult to maintain.

Pizza Express managed to do that, largely, but I feel that they became so ubiquitous that it became a rather bland experience. Ten years ago I went often, then I stopped eventually as it felt like the McD for pizzas, plus rather overpriced. A local posh pub, for example, does cracking wood fired pizzas which are much cheaper yet much better.